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Jax Daily Record Monday, Mar. 15, 202108:55 PM EST

Fortegra Group going public again, files for IPO

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The specialty insurance firm was bought out by Tiptree Inc. in 2014.
by: Mark Basch Contributing Writer

Specialty insurance company Fortegra Group is going public for the second time.

The Jacksonville-based company filed a registration statement March 15 with the Securities and Exchange Commission for an initial public offering.

Fortegra first went public in 2010 but was bought out by Tiptree Inc. for $218 million in 2014.

New York-based Tiptree will maintain voting control of Fortegra after the IPO, but the filing does not say how much stock will be sold to the public.

“Tiptree believes there is substantial value in Fortegra that is not currently reflected in Tiptree’s stock price. The offering is a way for Tiptree to unlock that value for Tiptree shareholders,” the company said in a news release.

Fortegra focuses on “niche business lines and fee-oriented services, providing us with a unique combination of specialty insurance program underwriting, warranty and service contract products and related service solutions,” the IPO filing said.

The company reported revenue grew 9% in 2020 to $691 million and it had adjusted earnings of $43 million.

Fortegra is headquartered at 10751 Deerwood Park Blvd. on Jacksonville’s Southside. The filing does not say how many employees it has in Jacksonville but it has 716 total employees in 15 offices in four countries.

Richard Kahlbaugh has served as president and CEO of Fortegra since 2007.

Fortegra expects its shares to trade on the New York Stock Exchange under the ticker “FRF.”

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